New Delhi, Jan. 15 -- Will the old tax regime be scrapped? No official announcements indicate that the government will abolish the old tax regime. However, discussions about its future have been ongoing. The new tax regime was introduced in the 2020 Union Budget, offering lower tax rates but without the exemptions and deductions available under the old one.

Many taxpayers still like the old tax system because of its deductions and exemptions, such as those under Sections 80C, 80D, and others, even though the new tax regime has become more popular since it is more straightforward.

Section 80C of the Income Tax Act provides deductions up to Rs.1.5 lakh on investments in life insurance premiums, the principal repayment of home loans, and o...